"We care more about our NAV per share versus our market capitalization."
Thank you! Somebody in the oil patch actually gets it!
The above quote is from Range Resources'
If you're not familiar with Range, they're one of the shops that cut their chops in the Barnett shale, alongside folks like Devon Energy
That production growth is coming off of a low base, so it's not as though Range is just tossing cash around here. In fact, the firm is only putting three to six rigs to work in the play. Range has proven itself to be very cost-conscious over the years, and proudly points to Bank of America
Range's cash operating margin ran at 70% in 2008. With 81% of natural gas production hedged at attractive levels, and the cost of services offered by the likes of Baker Hughes